Will XRP Hit $1 In October? Not Before TGC Token Hits $500k
The cryptocurrency market experienced a modest pullback that saw Bitcoin fall below the $27,000 price level. While the global crypto market cap is in the red today, XRP has defied the bearish trend and emerged as one of the best-performing assets.
The token has surged by over 1.5% to trade near the $0.51 mark, posting the highest gains of any top 10 cryptocurrency in the past 24 hours. While investors are preparing for a long and tedious battle between Ripple and the SEC, XRP may receive another strong boost from the market if the “Uptober” scenario plays out.
Meanwhile, a new gamblefi token called TG.Casino (TGC) is also gaining traction and has raised over $300k in its ICO, already reaching 30% of its minimum goal of $1 million in just over a week.
XRP Rises Despite Struggling Bitcoin, Is $1 In The Cards For The Bulls?
Despite Ripple’s landmark victory against the US Securities and Exchange Commission, the bulls were disappointed by XRP’s inability to breach the $1 mark. In fact, the token retraced its entire rally and fell back below the $0.47 price level after the SEC appealed against Ripple’s win.
However, last night’s rally has ignited optimism that the token could display more bullish strength in the coming days. XRP saw a 118% surge in its 24-hour trading volume, resulting in a push towards the $0.55 mark. Despite failing to breach the resistance, the token has managed to hold the $0.52 mark, up 1.5% from yesterday.
XRP has now appreciated close to 4% over the past two weeks, more than both Bitcoin and Ethereum. However, experts believe that any further bullish continuation now depends upon the token’s ability to breach some crucial resistances.
Firstly, the $0.55 price level has emerged to be of utmost importance for the token’s long-term growth prospects. Popular trader Andrew Griffiths, who has close to 20k subscribers on X, believes that XRP could hit the $1 mark in the next two months if the resistance at $0.55 is breached. Otherwise, the token will eventually fall back below the 50-cent mark.
Traders @CryptoTony__ and @rutradebtc have also revealed that they will open long positions only if the bulls manage to flip the resistance and close above it.
Secondly, breaching the 200-week moving average of the XRP/BTC trading pair can also present excellent buying opportunities for traders. However, last night’s rally failed to flip this resistance as well.
Experts believe that in order to carry its bullish momentum forward, XRP would need either positive developments in its legal battle against the SEC or a boost from the broader market.
Investors are not expecting any reprieve soon from the courts as Judge Analisa Torres will likely certify the SEC’s motion to file an interlocutory appeal. However, Michael van de Poppe believes that the crypto market could soon display an “Uptober” rally, which can push altcoins like XRP to new local highs.
Another Coin to Watch: New GambleFi Token TG.Casino Nears $500k Milestone In Presale, Backed to Pump
Similar to XRP, the new TG.Casino token could also emerge as a strong performer in an end-of-the-year bull run. The GambleFi token has already raised over $300k in its ICO in just over a week and is well on its way to hitting the $500k milestone.
The token has even caught the attention of some deep-pocketed whales, with the admin of the Crypto Whale Pumps group on Telegram revealing that he has swapped 10 ETH tokens for $TGC. At the current price, this would mean an investment of $16.7k into the token, highlighting its robust demand.
After all, the online gambling industry is expected to balloon to $150 billion by 2032 and crypto-based betting platforms like TG.Casino could benefit from the boom.
The platform offers anonymous, Telegram-based crypto gambling services, without the burden of KYC verification or account setup. Players can bet on hundreds of games and sportsbooks such as the NBA, NFL, MLB and the UFC, on top of competing against other players in live events.
A portion of profits from the platform will be used to buy back $TGC tokens in the open market, 40% of which will be burned to create a deflationary supply and the remaining 60% will be distributed as staking rewards.
The TG.Casino staking pool is currently offering an APY of over 1400%, presenting an excellent opportunity for retail investors to generate attractive passive income.
Comments
Post a Comment